Construction in the Philippines - Key Trends and Opportunities to 2020

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The Philippine construction industry is expected to continue to grow over the forecast period (2016-2020). Industry growth will be supported by the countrys development plan, Vision 2021, as well as population growth, urbanization, and favorable government policies with regards to public-private partnership (PPPs).

The government is seeking help from foreign investors to modernize its dilapidated infrastructure. In 2015, the Asian Development Bank (ADB) sanctioned a loan of USD600.0 billion for this purpose. In 2014, the government revitalized its PPP model and issued more infrastructure contracts.

In real terms, the industry will post a compound annual growth rate (CAGR) of 9.22% over the forecast period.

Assess market growth potential at a micro-level with over 600 time-series data forecasts.

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Key Highlights

The residential construction market is expected to benefit from government efforts to construct low-cost housing units under various social housing schemes. Due to urbanization, demand is increasing rapidly. According to government estimates, around 346,000 extra units are required annually. To bridge the gap between demand and supply, the government has announced various social housing programs: the Pag-IBIG Affordable Housing Program, the Community Mortgage Program (CMP), the Core Housing Program, the Abot-Kaya Pabahay Fund Developmental Loan Program (AKPF - DLP), and the Slum Upgrading Program.

In September 2015, the government announced plans to construct a 36.0km Light Rail Transit (LRT) lines by 2020, for an investment of PHP107.6 billion (USD2.4 billion). There are also plans to construct a passenger terminal building for the Clark International Airport (CIA), for an investment of PHP15.4 billion (USD343.8 million) to accommodate 46.0 million passengers annually by 2025

The Philippines is highly dependent on imports to meet its energy requirements. Due to the high costs associated with generating electricity and the scarcity of crude oil resources, the government is unable to provide a sufficient supply to rural parts of the country. To reduce its reliance on imported energy and to provide sustainable electricity supply, the government is focusing on developing renewable energy sources.

A rise in inbound tourist arrivals, coupled with an increase in Business Process Outsourcing (BPO) companies, is expected to fuel the growth of commercial construction market over the forecast period. Initiatives such as Its More Fun in the Philippinesand Visit the Philippines 2016are helping the government to attract more tourists.

The governments commitment to developing an adequate education system will drive the growth of institutional construction market over the forecast period. In its 2015 budget, the government increased its spending on education by 18.6%.

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